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Friday, October 09, 2009

CBDT has issued amendments in Income Tax Act 1962 (the Act)

with 0 Comment


No.402/92/2006-MC (21 of 2009)

Government of India / Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

*****

New Delhi dated 30th
September, 2009

PRESS RELEASE



The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family (HUF), as income from other sources under clause (vii) of sub-section 2 of section 56 of the Act. Therefore, any such person who receives a gift of any such property on or after 1st October 2009 must pay the income tax due on the value of the gift and disclose the taxable value of such property in the return of income for assessment year 2010-11 and subsequent years.

The following types of gifts will, however, not be subject to tax, i.e. gifts (a) from a person who is a relative; (b) on the occasion of marriage of the individual; (c) under a will or by way of inheritance; (d) in contemplation of death of the donor; (e) from any local authority as defined in the Explanation to section 10(20) of the Act; (f) from any fund or trust established under section 10(23C) of the Act; (g) from any trust or institution registered under section 12AA of the Act.

Relative is defined in the Act as (i) spouse; (ii) brother or sister; (iii) brother or sister of the spouse; (iv) brother or sister of either of the parents; (v) any lineal ascendant or descendant; (vi) spouse of any of the relative at clauses (ii) to (v); of the individual. Gifts received from these relatives will not be subject to tax.

Earlier cash gifts exceeding Rs.25,000 were subject to tax with effect from 1st April 2004. Later the Act was amended with effect from 1st April 2006 to tax all cash gifts having aggregate value exceeding Rs.50,000. Cash gifts also enjoy exemptions as is available for gifts-in-kind.

XXX

Revlslon of pay of teachers in degree level Englneerlng colleges and other degree level technical lnstitutlons

with 2 comments

N0.23-1/2008-TS.11

GOVERNMENT OF INDIA

Ministry of Human Resource Development

Department of Higher Education

Shastri Bhawan, New Deihi.
Dated the 7mOctober, 2009.
To
The Secretaries deailng with Technical Education of
All StatesIUnion Territorles.



Subject:- Revlslon of pay of teachers in degree level Englneerlng colleges and other degree level technical lnstitutlons lncludlng Architecture, Town Planning, Pharmacy and Applied Arts and Crafts Instltutlons etc. foilowlng the revlslon of pay of Central government employees on the recomrnendatlons of Sixth Central Pay Cornmlsslon.



Sir,
Iam directed to say that in fulfillment of the constitutional responsibility for coordination, determination and maintenance of standards in Higher and Technical Education, the Centrai Government have taken several measures from time to time. Following the revision of pay of Central Government employees on the recommendations of the 61h Centrai Pay Commission, the Central Government has revised the pay of teachen in the UGC system as per this Ministry's letter No.1-3212006-U.II/U.I(l), dated 31.12.2008(copy enclosed). It has been decided to offer partial financial assistance to those State Governments who wlsh to adopt and implement the revised pay, at par with the UGC scales of pay, for the teachers in Degree.level Technical Institutions in the States, subject to the following terms and conditions:-

(i) The financial assistance wlll be limited oniy for the State/ State aided institutions where 100% maintenance grant is being met by the State Government;

(ii) The Central Government will provide financial assistance to the States which have opted for the revised pay to the extent of 8090 (eighty percent) of the addltlonal expenditure involved for implementation of the pay revision, at par with revised pay of teachers etc. of UGC institutions, for the period from 1.1.2006 to 31.3.2010:

(iil) The respective State Governments should meet the balance 20% (twenty percent) requlrement of expenditure for implementing the pay revision of teachers etc. of degree level technical instltutes in the States during the period from 1.1.2006to 31.3.2010 from their own sources in addition to meeting the entire liability as on 31.12.2005.

(iv) The entire liability on account of the revised pay of teachers etc, of degree level technical institutes in the States would be taken over by the respectlve State Governments w.e.f. 1.4.2010.

(v) The Central Government assistance will be restricted to revision of pay (and not for any other allowances) In respect of oniy those posts which were in existence and had been filled up as on 1.1.2006.

(vi) The Central Financial Assistance shall be limited to the revised pay as approved by the Central Government under the scheme and not for any higher pay as may be glven by the respectlve State Government.

(vll) The Central flnanclal assistance will be subject to the condition that the entlre scheme of revlsion of pay as well as the conditions to be laid down in this regard by AlCTE by way of regulation is implemented by the respective State Government as a composite package.

2. The detailed proposal for implementation of the Scheme on the lines lndlcated above may kindly be formulated immediately and sent to the Ministry of Human Resource Development (Department of Higher Educatlon) for examination so that Central assistance to the extent Indicated above can be sanctioned for the Implementation of revised scales of pay. A format is enclosed for providing informatlon to the Ministry.

3. The recelpt of this letter may kindly be acknowledged.
To view complete Notification



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